By Lillian Wells,2014-04-30 07:33
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General Questions

1. What does the word ‘including’ signify in the study design?

    The word ‘including’ stipulates that everything listed in that particular set of key knowledge

    or key skills must be taught. In Unit 3, Area of Study 1, in the sources of market failure key knowledge dot point, for example, the study design lists market power, public goods, externalities and asymmetric information (page 23 of the study design). All these sources must be included in the teaching and learning. Other areas related to market failure may also be incorporated, even though they are not listed in the study design.

    2. What publications does the VCAA produce to support teachers of VCE Economics? The following resources are available on the VCAA economics web page has the following resources to support teachers implementing this study design:

    Study summary

    Summary of changes

    Assessment handbook


    Implementation workshop article

    Implementation workshop powerpoint presentation, 2009

    These resources are available at:

    The VCE Economics Assessment Handbook contains a range of advice on designing school-assessed coursework tasks. It also contains performance descriptors for the assessment of tasks. These provide a guide to the levels of performance typically demonstrated by students who have achieved scores within each mark range on assessment tasks. There are also a range of sample approaches to teaching school-assessed coursework. The Economics Assessment Handbook is available at studies/economics/economics-


Unit 1: Area of Study 2

1. How has this area of study changed from the previous study design?

    Within Area of Study 2, Economic issues, it is now stipulated that students must study the issue of economic growth and sustainable development and one other contemporary economic issue. The possible economic issues are listed on page 14 of the study design.

Unit 2

1. How has Unit 2 changed from the previous study design?

    Unit 2, Economic change: issues and challenges, is structured differently from the previous study design. Area of Study 1 focuses on Population, employment and change. Area of Study 2, Global economic issues, requires students to study two contemporary global issues. The possible issues are listed on page 19 of the study design.

    Units 1 and 2

1. One of the options for both Unit 1 and Unit 2 is ‘an economic issue selected by the

    teacher and/or students’. What does this entail?

    This option requires teachers and/or students to select an economic issue that is of interest to them. Topics selected may relate to any of the issues studied across the units, or may be stand alone topics. The Advice for teachers section provides more detail and support for teaching approaches within these issues on page 33 of the study design.

Unit 4: Area of Study 1

    1. Over what period of time are students expected to know about the performance of

    the economy?

    Students are no longer expected to have knowledge of the performance of the economy in terms of the objectives over the past decade (as was the case in the previous study design). The emphasis now is for students to examine how the policies have been implemented over the past four years.

Unit 4: Area of Study 2

    1. Outcome 2 requires students to analyse the current government policy mix. What

    is considered ‘current’?

    The past four years is considered current. Students should know what the government policy mix is at the present time but they also need to know how it has changed over the past four years.

2. Deregulation of key markets how many markets should be studied in this key

    knowledge dot point?

    Students must study the way in which one microeconomic reform policy is intended to influence the achievement of the government’s key economic goals and living standards.

    Deregulation of key markets is one of the four policies listed. Students would look at all the key markets and choose one to study in detail.

    VCAA, November 2009 2

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